Sif Holding: EBITDA up 156%, but doubt over going concern
Sif Holding published an operating update on 6 November 2026 with two contrasting readings. For the first nine months of 2026, its adjusted EBITDA rose 156% to €68.3 million, and management reiterated its annual adjusted EBITDA target of €95 million.
Meanwhile, period-end cash fell 63% compared with 31 December 2025, to €35.1 million. The offshore wind foundation manufacturer reports a material uncertainty over its ability to continue as a going concern over a twelve-month horizon.
This uncertainty stems from the still-open timing of an exclusive 190-kilotonne project and the absence, at this stage, of a binding agreement on short-term financing. An extraordinary general meeting has been convened for 22 December 2026 to authorise a share issue.
Production volumes and adjusted EBITDA up over nine months
The contribution, a non-IFRS indicator specific to the group, rose 59% over nine months, to €203.4 million versus €127.8 million a year earlier. Adjusted EBITDA increased faster than this aggregate. Production rose from 124 to 211 kilotonnes, with 141 monopiles manufactured compared with 69 over the same period of 2025.
Offshore wind activity (monopiles and transition pieces) accounts for the bulk of this increase. Its contribution rose from €105.7 million to €179.3 million, while that of offshore steel structures grew from €13.2 million to €16.3 million. Logistics services (€0.5 million) and other activities (€7.4 million) declined slightly.
Net profit attributable to shareholders was a loss of €0.8 million, compared with a loss of €35.3 million in the first nine months of 2025. Earnings per share moved from -€1.27 to -€0.12.
Chief Executive Officer Koen Bogers, in the role since 1 August 2026, stated: “The third quarter confirmed that the plant is operating at its target production levels, with potential for further growth.”
Cash down 63% and bridge financing under negotiation
Period-end cash fell from €95.6 million at 31 December 2025 to €35.1 million at 30 September 2026. At 30 September, the group was in compliance with its financial covenants, with a solvency ratio of 37.8% and a net leverage of 0.85 times, and its €50 million revolving credit facility was undrawn.
However, this facility will not be available during the negotiation period. Lenders have agreed to temporarily defer a €6.7 million term loan repayment scheduled for 30 September 2026. Sif is negotiating a bridge financing solution with its lenders and certain suppliers and customers, as well as with the Dutch State and its main shareholder.
No binding agreement has been concluded to date. Beyond the short term, the company states it needs a long-term solution and additional financing, which is expected to take the form of an equity raise. “We are currently facing a significant liquidity and financing challenge,” said Koen Bogers. The group is in parallel exploring strategic options with its advisers.
Reduced production from the fourth quarter, annual target maintained
On a quarterly basis, adjusted EBITDA rose each quarter, from €21.0 million to €22.4 million and then €24.9 million. In the third quarter, the contribution fell to €68.7 million, compared with €70.9 million in the second, and production to 70 kilotonnes, compared with 81.
The group has chosen to shift part of its order book into 2027. It is closing one of the three production lines at its Maasvlakte 2 plant in Rotterdam from the fourth quarter of 2026, and will reduce activity in Roermond from the first quarter of 2027. Headcount decreased by 100 full-time equivalents compared with the second quarter and will decline further.
At the end of September, the order book stood at 352 kilotonnes for the fourth quarter of 2026 and beyond: 156 kilotonnes under contract and 196 in exclusive negotiations. The client's final investment decision on the exclusive 190-kilotonne project is still awaited, with start-up estimated for mid-2027.
The 2026 adjusted EBITDA target of €95 million, already announced when the annual accounts were published on 18 March 2026, is reiterated. The company specifies, however, that the source, terms, structure and timing of a long-term solution remain to be determined.
